james sullivan, head of equity research, jp morgan. ou look at outstanding debt up to $60 trillion, that seems to be scary when you look at the numbers. james: it is and i came out in asia back in 1997 with the similar crisis. the critical differences between now and 1997, you have flexible currency regimes in the region, and you are seeing some work their way through economic markets. and a large percentage of is and not is locally held in u.s. dollars, so you do not have an immediate crisis catalyst opportunity today that you saw in 1990's evan-1998. haslinda: we are looking at indonesia being a different situation. james: we have to overlay the market position that exists. we are neutral on india's equity market at j.p. morgan because it is the most over held market in all of asia from a positioning perspective. china is one of the least held. the indian market is a standard deviation expensive to historical trends. we are looking at earnings growth through the cycle that is enough to keep the market where it is. that is why we are n